Product Evaluation Systems Inc. tests aerospace materials for strength and durability — two qualities that also are good for business.
The state hopes that a new low-interest loan will improve the Unity company’s strength and durability. The $1.05 million loan from the Pennsylvania Industrial Development Authority, announced by Gov. Tom Wolf on Thursday, was facilitated by Economic Growth Connection of Westmoreland County.
The 15-year loan will have a 2% interest rate for the first seven years and then re-set, said company President Walt Moorhead.
“This helps keep the overall cost of the project down and helps us save money in the long run,” Moorhead said.
The $2.6 million project includes the addition of a 12,500-square-foot pre-engineered steel building on Donohoe Road. Product Evaluation Systems has outgrown its current 18,000-square-foot building and requires a larger facility to meet the increasing demands of customers, said Kyle Martin, business development officer for Economic Growth Connection.
Funding will be used for the site renovations. The project is expected to retain 37 full-time jobs and create six to eight new, full-time jobs within three years.
